Stock of the day: Garmin

By Tomasz Wisniewski|

Published: October 26 2023, 07:13 GMT+0

Stock of the day: Garmin


Today’s spotlight shines on Garmin, a name that’s been a significant talking point in the trading world this October. Garmin’s journey through this month has been nothing short of a roller coaster, encapsulating highs and lows that have made it one of the most keenly watched stocks.

The tale begins in a positive light. However, as October winds down, Garmin finds itself on a less-than-cheerful note, lingering around the local monthly lows. This recent performance is somewhat reminiscent of Garmin’s behavior since May. The company has been largely oscillating within a defined sideways trend, held in check between two major price points. At the top end, we have a formidable horizontal resistance, drawn with an unmistakable orange line, stationed at $108. On the flip side, a lower boundary manifests itself as a horizontal support, colored in vivid yellow, standing at $102.

October opened with Garmin attempting a rally, nudging the boundaries of the aforementioned resistance. Yet, as we transition towards the month’s close, the narrative shifts dramatically. Garmin now finds itself gravitating towards the support zone, hinting at a potential climax to this month’s dramatic saga.

However, the underlying sentiment had already tilted towards the bears earlier in the month. This was evident when Garmin’s price trajectory breached its mid-term uptrend, delineated by a striking red line. This breach underscored the growing pessimism around the stock. Yet, for traders looking for a robust sell signal, the moment of truth awaits a conclusive move. Such a signal will be firmly established once Garmin’s price manages to end a trading day beneath the defining yellow region. Given the recent dynamics, this scenario is becoming increasingly plausible.



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